OMA Emirates, a UAE-based payments provider, has acquired India-based MobiSwipe Technologies, a mobile payments provider launched in Mumbai in 2012.
India has a low level of payment terminals compared with other global markets, and several mobile payments startups in the country are riding a wave of growth in the region as technologies enabling payments via smartphones fill the gap, according to reports.
Merchants in India may accept card payments via MobiSwipe’s Android app connected to a Bluetooth-enabled card reader, according to the company’s website.
“In keeping with OMA Emirates’ expansion plans into new geographies and our experience in POS management across the Middle East, it was important for us to add an mPOS solution to the existing portfolio,” said Niranj Sangal, OMA Emirates Group’s CEO, in a statement about the MobiSwipe deal, which the companies announced last month on their websites.
MobiSwipe is now positioned to expand to new markets in the Middle East, North Africa and Eastern Europe, said Suresh Santhanaramakrishnan, a company co-founder who will continue to act as co-CEO of MobiSwipe along with co-founder Harmeet Singh Arora.
The companies did not disclose financial terms of the deal.